We have translated 8 more CRA severed letters
10 April 2023 - 11:14pm
Email this ContentWe have published translations of a CRA interpretation and ruling released last week and a further 6 translations of CRA interpretations released in August and July of 2003. Their descriptors and links appear below.
These are additions to our set of 2,432 full-text translations of French-language Technical Interpretation and Roundtable items (plus some ruling letters) of the Income Tax Rulings Directorate, which covers all of the last 19 ¾ years of releases of such items by the Directorate. These translations are subject to our paywall (applicable after the 5th of each month).
| Bundle Date | Translated severed letter | Summaries under | Summary descriptor |
|---|---|---|---|
| 2023-04-05 | 2021 Ruling 2020-0847671R3 F - Transfert d'un immeuble | General Concepts - Fair Market Value - Land | no demurral re a property’s FMV being suppressed by long-term leases with nil net rents |
| Income Tax Act - Section 149 - Subsection 149(1) - Paragraph 149(1)(l) | corporation governed by CBCA presented to CRA as an NPO | ||
| Income Tax Act - Section 15 - Subsection 15(1) | no s. 15(1) benefit on property transfer to shareholders for its nominal appraised FMV if indeed such FMV was suppressed by the low-rent long-term leases to the shareholders | ||
| 4 January 2022 External T.I. 2015-0607531E5 F - Action admissible de petite entreprise | Income Tax Act - 101-110 - Section 110.6 - Subsection 110.6(1) - Qualified Small Business Corporation Share - Paragraph (e) | s. 110.6(1)(e) applies to successive share substitutions (including an amalgamation) | |
| Income Tax Act - 101-110 - Section 110.6 - Subsection 110.6(14) - Paragraph 110.6(14)(f) - Subparagraph 110.6(14)(f)(i) | s. 110.6(14)(f)(i) can apply to an amalgamation | ||
| 2003-08-01 | 21 July 2003 External T.I. 2002-0180465 F - CATEGORIES 8 ET 43
Also released under document number 2002-01804650.
|
Income Tax Regulations - Schedules - Schedule II - Class 8 - Paragraph 8(b) | “solely” has a narrow meaning and might not be satisfied where the improvement was to comply with health standards regulation |
| 10 July 2003 Internal T.I. 2003-0018897 F - INTERET-REVENU RAJUSTE TIRE ENTREPRISE
Also released under document number 2003-00188970.
|
Income Tax Regulations - Regulation 5202 - Adjusted Business Income | interest on tax refund generated from active business was active business income/ Ensite principle generally does not apply to inter-affiliate interest | |
| 2003-07-25 | 14 July 2003 Internal T.I. 2003-0016677 F - BONIS A PAYER ET BENEFICES MARGINAUX
Also released under document number 2003-00166770.
|
Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(a) - Incurring of Expense | obligation of corporation to pay bonuses out of annual profits could be established by oral agreement and book entries |
| 9 July 2003 External T.I. 2003-0183675 F - VENTE D'UNE LISTE DE CLIENTS
Also released under document number 2003-01836750.
|
Income Tax Act - Section 12 - Subsection 12(1) - Paragraph 12(1)(g) | application of s. 12(1)(g) only to excess participating sales price for client list over minimum, or where there is a maximum equaling the client list’s FMV | |
| Income Tax Act - Section 24 - Subsection 24(1) | loss under s. 24(1)(a) where maximum sales price (equaling FMV) for sold client list is not achieved | ||
| 15 July 2003 Internal T.I. 2003-0023177 F - DATE D'EXECUTION
Also released under document number 2003-00231770.
|
Income Tax Act - Section 56.1 - Subsection 56.1(4) - Commencement Day - Paragraph (b) - Subparagraph (b)(iv) | ascertainment of whether a commencement day based on the parties’ apparent intentions | |
| 2003-07-11 | 30 June 2003 External T.I. 2003-0182875 F - TRANSFERT DE POLICE D'ASSURANCE
Also released under document number 2003-01828750.
|
Income Tax Act - Section 15 - Subsection 15(1) | benefit where permanent life or critical illness policy transferred gratuitously to shareholder as new policyholder |
| Income Tax Act - Section 148 - Subsection 148(9) - Adjusted Cost Basis | ACB bump on policy distribution to shareholder equal to s. 15 benefit excess over CSV | ||
| Income Tax Act - Section 52 - Subsection 52(1) | ACB bump on policy distribution to shareholder equal to s. 15 benefit in excess of ACB otherwise determined – even in absence of s. 52(1) |